Asian Paints, on a standalone basis, posted a nine per cent rise in net profit at Rs 213 crore for the second quarter ended September 30, 2011, as against Rs 196 crore logged in the same period last year.
Net sales increased by 26 per cent to Rs 1,844 crore (Rs 1,470 crore).
Interim dividend
The board of directors has recommended payment of an interim dividend of Rs. 9.50 per share (95 per cent).
“The ‘decorative' products sale was impacted by an extended monsoon during the second quarter. In most segments, the underlying demand has been good. Continued upward trend in raw material prices along with depreciation in rupee remain an area of concern,” Mr P.M. Murty, Managing Director, said.
The industrial business, especially the auto OE segment, saw some pressure due to a subdued demand. Political events and macro-economic uncertainty in some countries continue to affect international performance though South Asia has done well, he added.
CONSOLIDATED
On a consolidated basis, income from operations rose 24 per cent to Rs 2,251 crore (Rs 1,811 crore). Net profit was down at Rs 209 crore (Rs 215 crore).
On Friday, the company scrip on BSE was down 4.4 per cent at Rs 3,015.25.
New MD & CEO
The company said that its board has decided that Mr K.B.S. Anand, President, Decorative Business Unit, will take over as Managing Director & CEO, effective April 1, 2012 from Mr. Murty, who retires on March 31, 2012.